European markets traded lower on Monday, with investor attention on the inauguration of U.S. President-elect Donald Trump later in the day. The pan-European Stoxx 600 index shed 0.15% by 1:10 p.m. London time, with most sectors in negative territory. Some major bourses bucked the trend to edge into positive territory, with London’s FTSE 100 up 0.11%. Investors in the region are awaiting news on whether Trump will follow through on promises to impose new tariffs on U.S. imports after his inauguration. U.S. stocks rallied after his November electoral victory, as investors bet on deregulation and lower taxes. There are no major earnings or data releases slated for release in Europe on Monday. U.S. financial markets are closed on Monday for Martin Luther King Jr. Day. Treasury yields were little changed on Friday after sharply falling earlier in the week, as investors assess the U.S. inflation outlook. The 10-year Treasury was up one basis point at 4.617%. The 2-year Treasury yield inched up 4 basis points at 4.278%. Asia-Pacific markets rose Monday, ahead of Donald Trump’s presidential inauguration as investors awaited greater clarity on the policies of the incoming U.S. administration. Hong Kong’s Hang Seng index hit its highest level since Dec. 31 before paring gains, lifted by the consumer cyclicals and health-care firms, data from LSEG showed. The HSI was up 1.76% in its last hour of trade. Mainland China’s CSI 300 added 0.45% to end the day at 3,829.68 after China left its benchmark lending rates unchanged Monday. Japan’s Nikkei 225 climbed 1.17% to end the day at 38,902.50, while the Topix added 1.19% to close at 2,711.27. South Korea’s Kospi slipped 0.14% to close at 2,520.05 while the Kosdaq ended 0.41% higher at 727.66. Australia’s S&P/ASX 200 rose 0.45% to close at 8,347.40. Oil prices fell slightly on Friday but posted a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade heightened expectations for oil supply disruptions. Brent crude futures lost 50 cents to close at $80.79 per barrel. U.S. West Texas Intermediate crude futures dropped 80 cents to settle at $77.88 a barrel. Oil prices gained more than 1% for the week. Last Friday, the Biden administration unveiled broader sanctions targeting Russian oil producers and tankers. Gold cut early losses on Monday as investors looked forward to Donald Trump’s inauguration speech for clarity on the incoming administration’s policies, which could offer further clues on the Federal Reserve’s interest rate path. Spot gold was down 0.1% at $2,697.60 per ounce, as of 0300 GMT, after falling 0.5% earlier in the day. U.S. gold futures dropped 0.3% to $2,740.10. “Gold has been on the receiving end of selling pressure today, but the precious metal’s status as a traditional safe-haven asset should limit the immediate downside,” said Tim Waterer, chief market analyst at KCM Trade.